Pretty much like you said, put tranny in neutral, with ignition on, rotate the 4x4 switch 5 times in 7 seconds between 2H and 4L and the transfer case will go into neutral. It will display that Neutral Tow is enabled on the information panel. Turn off the ignition and you are good to go. No fuses to pull. Pg 267 of the owners manual has a good write up on the procedure.
I used the Blue Ox base plate. Took me a couple hours to install it as you have to remove and reinstall the bumper. I went with an M&G brake due to it's easy hook up and lack of hardware in the passenger compartment.